Home Bitcoin News Jamie Dimon's JPMorgan says bitcoin's slide has created 'important upside' for crypto buyers – CNBC

Jamie Dimon's JPMorgan says bitcoin's slide has created 'important upside' for crypto buyers – CNBC

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Bitcoin’s recent slide has left the digital token effectively beneath its truthful worth, giving the cryptocurrency “important upside” now, JPMorgan Chase stated in a analysis notice this week.

The financial institution stated bitcoin was undervalued by 28%, and put its worth goal for the coin, which was buying and selling at just above $29,600 on Thursday afternoon, at $38,000 in response to Markets Insider. Bitcoin fell beneath $26,000 earlier this month for the primary time since December 2020, simply as inventory markets have been equally pummeled — largely on account of inflation fears.

“The previous month’s crypto market correction seems to be extra like capitulation relative to final January/February, and going ahead, we see upside for Bitcoin and crypto markets extra typically,” strategist Nikolaos Panigirtzoglou wrote on Wednesday.

JPMorgan’s optimistic outlook is notable as a result of CEO Jamie Dimon is a longtime cryptocurrency skeptic. Dimon has stated that he “personally suppose[s] that bitcoin is nugatory,” although he has acknowledged that a lot of his purchasers really feel otherwise.

“I am not a bitcoin supporter. I do not care about bitcoin. I’ve no real interest in it,” he said last year. “However, purchasers have an interest, and I do not inform purchasers what to do.”

Final summer time, JPMorgan began giving wealth management clients access to a six crypto funds, so as to add bitcoin publicity to their portfolios. That is regardless of Dimon’s prior feedback that bitcoin has “no intrinsic worth” and that “regulators are going to control the hell out of it.”

On Wednesday, Securities and Change Commissioner Hester Peirce told CNBC that the U.S. has “dropped the regulatory ball” with respect to crypto. She known as on Congress to make clear the SEC’s regulatory position, so her company can take extra proactive steps in opposition to crypto fraud going ahead.

“We’re not permitting innovation to develop and experimentation to occur in a wholesome method, and there are long-term penalties of that failure,” Pierce stated.

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